Month: July 2021

SBA Announces Opening of Paycheck Protection Program Direct Forgiveness Portal

The U.S. Small Business Administration (SBA) is launching a streamlined application portal to allow borrowers with Paycheck Protection Program (PPP) loans of $150,000 or less through participating lenders to apply for forgiveness directly through the SBA.

“The SBA’s new streamlined application portal will simplify forgiveness for millions of our smallest businesses — including many sole proprietors — who used funds from our Paycheck Protection Program loans to survive the pandemic,” said Administrator Isabel Casillas Guzman. “The vast majority of businesses waiting for forgiveness have loans under $150,000. These entrepreneurs are busy running their businesses and are challenged by an overly complicated forgiveness process.… Read More

Brinker Simpson COVID Relief Brief – Tuesday, July 20, 2021

PPP Loans & Forgiveness Applications are Finally Due. 

Borrowers who received their Paycheck Protection Program in April (and May) 2020 will need to apply for forgiveness ASAP. The PPP loans will convert to a standard five-year loan at 1% interest if the borrower does not submit their forgiveness application within ten months of the end of the covered period.

Let’s say, for example, you received your loan on April 20, 2020. The end of your covered period (if you elected 24 weeks) is October 4, 2020, and your due date is August 4, 2021. You must submit the application before then to avoid making payments.… Read More

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